Austin is Romanian-Hungarian and born in Beverly Hills, California. Her parents were actors who met on the set of Bonanza. Austin also has a younger sister Kristy Williams and three older brothers. As a small child, her sister would mispronounce her sister's name, saying "Cole Cole" or "Co-co" in place of "Nicole". Eventually family also began addressing Nicole as Coco. The family moved to Albuquerque, New Mexico when she was 10. She grew up as a tomboy, riding quads and playing football. Austin began dancing (jazz, tap and ballet) at the age of six, and was introduced to the stage early by her mother. She was involved in many productions at the Albuquerque Little Theatre.

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